The Trump administration’s embrace of cryptocurrencies is helping fuel a speculative mania that could cause “havoc” when prices collapse, the hedge fund Elliott Management has warned. The $70bn-in-assets firm took aim at the US government’s apparent enthusiasm for assets that have soared in price but have “no substance”,

Elliott Management warns that the Trump administration’s backing of cryptocurrencies is driving a speculative bubble. The hedge fund argues that cryptocurrencies, with “no substance,” could